2014 Top Advisor Rankings by State

Here are America's best financial advisors, organized by state. The rankings are based on data provided by over 4,000 of the nation's most productive advisors. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn't an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment-picking abilities. A ranking of "N" denotes "not ranked that year".

Top Advisors in each state

Alabama: Runkle nailed it last year, moving clients' equity exposure from 60% to as high as 75%-but he says the call wasn't all that bold. "In theory, ...More»

Alabama: Runkle nailed it last year, moving clients' equity exposure from 60% to as high as 75%-but he says the call wasn't all that bold. "In theory, it increased our risk," says Runkle, 58. "But since fixed income was getting nibbled on so hard, I felt like we were actually reducing risk." A precise, methodical investor who started his career in industrial design, Runkle has eased back on stocks to 65%-70% from 70%-75%; he believes domestic shares will return 8%-10% in 2014. And he's playing it safe in fixed income. "We're almost using money-market accounts as a proxy for fixed income until we get a better feel for what's on the horizon for fixed-income markets," he says. Runkle prides himself on his thorough financial planning-which is based on in-depth interviews with clients. And he's not just a numbers geek: Runkle has helped clients select cars, and even helped guide families through drug-abuse crises. -STEVE GARMHAUSEN «Less

Alaska: Pichon and Price spend much more time listening to prospective clients than talking to them- often to the visitors' surprise. "They find it's something they've been ...More»

Alaska: Pichon and Price spend much more time listening to prospective clients than talking to them- often to the visitors' surprise. "They find it's something they've been looking for, for a long time," says Price, who is Pichon's business partner of 30 years. These days, their clients are concerned that the stock market may be ripe for a fall. The reaction from Pichon, 67, and Price, 57, is the same as always with jittery clients. Namely, reviewing investment plans, tweaking if necessary-but sticking with the long-term plan. The pair, who run a 10-person team, have recently adjusted their recommended investments. They've reduced bond exposure and are turning to tactical investment managers with greater ability to maneuver as markets change. "We're looking for managers where, if things got incredibly nasty, they could be out of the market completely, say, or short the market," says Pichon. -STEVE GARMHAUSEN «Less

Arizona: Flader was hardly born with a silver spoon in his mouth. In high school, he worked two paper routes, and at the University of Arizona he ...More»

Arizona: Flader was hardly born with a silver spoon in his mouth. In high school, he worked two paper routes, and at the University of Arizona he sold shoes on commission to pay his way. Right out of college, Flader joined Merrill Lynch as an advisor, where he often worked 14-hour days and made 300 cold calls. Flader, now 49, saved his money and took a course to become one of the nation's first certified investment management analysts. Today, he has built a thriving practice by always aiming to reduce volatility for clients and keep their income flowing. That has been tough in today's environment of superlow interest rates, but he manages by combining REITs, high-yield bonds, convertible bonds, and mutual funds that write covered calls. Avoiding the market's sometimes severe ups and downs is critical, he says, because "it's not just the average rate of return that matters but the sequence of returns that matters."-MICHAEL SISK «Less

Arkansas: Recently, during a financial-plan review with a couple about to retire, Small and his team recommended long-term care insurance. The wife, who had a lifelong aversion ...More»

Arkansas: Recently, during a financial-plan review with a couple about to retire, Small and his team recommended long-term care insurance. The wife, who had a lifelong aversion to doctors, fortunately agreed to the necessary exam because what the doctor found saved her life. Small, 43, says the episode shows how good financial planning is about more than investment returns. Done right, it can shape and improve thelives of individuals and their families. Of course, investments also matter, and Small has spent the past two years preparing his clients for the rising interest-rate environment we now find ourselves in. He has moved more into floating-rate bonds and bond funds that hedge interest-rate risk. He has upped his clients' equity allocations by 5%-10%. In particular, he likes European stocks, which look relatively cheap. In the U.S., he has been adding mid-cap stocks, anticipating that large companies might soon use reserves to make acquisitions. -MICHAEL SISK «Less

California: Curtis once considered becoming a family doctor, but after realizing that treating scrapes and sore throats would get dull after a few years, he became an ...More»

California: Curtis once considered becoming a family doctor, but after realizing that treating scrapes and sore throats would get dull after a few years, he became an advisor. "I love the fact that my business [continually] changes," says Curtis, 57. "Whatever a client's needs are is the business I'm in that day." One key to investing, Curtis tells his clients, is to treat it as a long-term process in which short-term volatility is acceptable. "People have such a long time frame, but they don't invest that way," he says. Curtis has overweighted U.S. investments for several years, and still believes in domestic markets' prospects. Curtis, who runs a 27-person team, is unabashedly unexciting. He still lives in the Palo Alto, Calif., house where he was born and raised; he has never changed firms, and prefers work to hobbies. "I'm not one of those people who wishes they could have done something else," he says. "I'm doing what I've always aspired to do." -STEVE GARMHAUSEN «Less

Colorado: Fowler, 43, has too much respect for his clients to put them in one-size-fits-all portfolios. "The majority of our team's clients made their wealth long before ...More»

Colorado: Fowler, 43, has too much respect for his clients to put them in one-size-fits-all portfolios. "The majority of our team's clients made their wealth long before they met us," he says. "We have a pro- found respect for how hard it is to build wealth." Fowler's 75 clients can count on customized portfolios built to meet their specific goals. "We're sitting down and actually hearing what matters to each one of the families we work with," says Fowler, who's on a six-person team. "All we do is customized to the individual." Thus, allocations can range from a traditional mix to all equities or all bonds. Right now, Fowler sees opportunity in emerging-market equities, which he calls "extraordinarily cheap." He also likes high-quality, 12- to 15-year muni bonds, which have a tax-equivalent yield of 6.5%-7%. He's also bullish on real estate and small-cap private equity. After last year's stock market run-up, he advises some rebalancing, even if it feels like there's no end in sight for the rally. -STEVE GARMHAUSEN «Less

Connecticut: Talk about full service: Once, when a client found himself off the Virgin Islands on his fishing yacht, without working navigation equipment, an Erdmann associate guided ...More»

Connecticut: Talk about full service: Once, when a client found himself off the Virgin Islands on his fishing yacht, without working navigation equipment, an Erdmann associate guided him into port by phone, using online nautical charts. "We go much deeper than others with our clients," says Erdmann, 52. "We always want to get the first call." Erdmann and his 23-person team handle everything from banking to financial planning to investment management and generational planning for a very wealthy clientele. Each family is served by two administrative partners, a planning expert and an investment professional.
Erdmann's planning-centered investment approach helps ensure that clients have enough cash flow to maintain their lifestyles, while keeping their fees and taxes down and protecting their longer-term money. A big seal of approval: He's now working with the third generation of many of his clients. -STEVE GARMHAUSEN
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D.C.: There's a good reason McIntyre's still going strong after 45 years in the business: "I absolutely adore people," he says. McIntyre, who has written two novels ...More»

D.C.: There's a good reason McIntyre's still going strong after 45 years in the business: "I absolutely adore people," he says. McIntyre, who has written two novels and once dreamed of being a rock star, provides a "one-stop shop" for his clients. His 16-person team includes experts in financial planning, law, taxes, and other areas. "When a client comes in, hopefully they don't have question we can't answer." But it's helping clients with big life decisions that really gets him excited. One of McIntyre's proudest accomplishments, he says, was persuading a client to leave the business that he no longer enjoyed. Another: helping a client get quick access to a top cancer specialist. McIntyre, 70, manages his clients' money in- house, and some of his best calls have been companies where he personally knows the top brass. "If a company has a great manager, generally you're going to have great performance in the company." -STEVE GARMHAUSEN «Less

Delaware: In Hewitt's opinion, the way the U.S. stock market shrugged off the government shutdown and debt- ceiling threat in the fall was one of the most ...More»

Delaware: In Hewitt's opinion, the way the U.S. stock market shrugged off the government shutdown and debt- ceiling threat in the fall was one of the most surprising market events of 2013. "Even with all the uncertainty, we had just a very shallow pullback, and then we were back off to the races pretty quickly." That resilience helps to make her cautiously optimistic about U.S. equities in 2014. In particular, she likes the financial sector, which is finally through the mortgage-crisis hangover and poised to grow, and industrials, which should benefit from a global rebound. But Hewitt, 62, is also looking overseas for opportunities. Many stocks in Europe may be a better value, she says, given their relatively low price/earnings multiples. Hewitt, who joined Merrill Lynch in 1976, is also starting to nose around out-of-favor commodities for possible value. "It was just an awful year for gold and gold-mining stocks, and at some point, that will turn around. We're not aggressive yet, but we're looking for the road less traveled by." -MICHAEL SISK
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Florida: Dhody provides his ultrawealthy clients with investment opportunities that are anything but run-of-the-mill. "They should be buying the sorts of things that are available to pension ...More»

Florida: Dhody provides his ultrawealthy clients with investment opportunities that are anything but run-of-the-mill. "They should be buying the sorts of things that are available to pension funds and institutions," Dhody says of his clients. One recent investment in an airplane-leasing operation, for example, is generating returns in the lower teens-quite a coup in these yield-starved times. Serving many well-connected billionaires in busi- ness and finance, Dhody has his finger on the pulse of opportunities. He has a bullish outlook on the hospitality industry, amid greater construction, for instance. A native of Calcutta, India, Dhody spent part of his early career in financial engineering, building financing solutions for big clients like corporations and hedge funds. He now loves working with very successful individual clients, who, he says, "keep me sharp." -STEVE GARMHAUSEN «Less

Georgia: Westmoreland doesn't promise his clients the moon and the stars-he just tries to earn them the rate of inflation plus 5%. These days, that's a decent ...More»

Georgia: Westmoreland doesn't promise his clients the moon and the stars-he just tries to earn them the rate of inflation plus 5%. These days, that's a decent 6.5%. "It's better to have low expectations and exceed them than to have high expectations and not meet them," says Westmoreland, 61. The 35-year veteran advisor, who typically serves entrepreneurs who have sold their businesses, places more value on asset allocation than the selec- tion of specific stocks and bonds. "Last year, if you had the best tax-free bond manager, you probably still lost money," he explains, "and if you had the worst S&P index fund last year, you did pretty good." None of which is to say he won't pull out all of the stops for clients. The Navy veteran once persuaded the president of Merrill Lynch to fund a client who was trying to buy out his business partner. "Today," he says, "that's a $50 million relationship for us." -STEVE GARMHAUSEN «Less

Hawaii: Few financial advisors have quite the same type of background as Hom. She grew up in a gritty Detroit neighborhood, the daughter of Chinese immigrant parents ...More»

Hawaii: Few financial advisors have quite the same type of background as Hom. She grew up in a gritty Detroit neighborhood, the daughter of Chinese immigrant parents who ran a Chinese laundry and restaurant. Her education was in literature and journalism. But she says this background helps her to always keep the novice's perspective in mind.
She likes to cut through the complexity of finance and present ideas with the kind of clarity anyone could grasp. She has, for instance, helped design simpler 401(k) plans for her corporate clients to increase the savings rates of their employees. That meant reducing the number of investment choices and including choices like target-date funds.
In investing, two themes she's keen on now are water-related investment ("It's the next oil") and global infrastructure, which were neglected during the recession. -MICHAEL SISK
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Idaho: Rathbone's serious about taking care of his clients-even when he's no longer around to do it personally. The 23-year-veteran advisor is actively grooming several 20- and ...More»

Idaho: Rathbone's serious about taking care of his clients-even when he's no longer around to do it personally. The 23-year-veteran advisor is actively grooming several 20- and 30-something successors to ensure clients won't miss a beat after his eventual retirement. "The best thing we've done here is to set a generational transition in motion," says Rathbone, 54. "After I get old and can't make it in to the office anymore, our clients are going to have continuity." Not that Rathbone is slowing down anytime soon: He's busy preparing clients for the double whammy of taxes and the inflation that he sees ahead. These days, Rathbone and his 12-person team like "parts of the market that have been, or are being, clobbered." That includes mining stocks, which Rathbone bought heavily at the end of last year. Rathbone's team manages portfolios in-house, both to save clients money and to raise accountability. "The buck stops on our desk," he says. -STEVE GARMHAUSEN «Less

Illinois: Since the start of the year, more and more clients are calling up Hefter and expressing a sudden, newfound desire to take on risk. "When you ...More»

Illinois: Since the start of the year, more and more clients are calling up Hefter and expressing a sudden, newfound desire to take on risk. "When you have such a long time without a meaningful correction, then all of a sudden everyone is courageous," he says. But Hefter, 59, is counseling them to keep risk in check, and he doesn't plan to change his investing approach. He prefers using equity managers with volatility measures below the S&P 500's, perhaps by 20%. This allows him to stay fully invested and able to withstand a market correction of 10%, which he expects to occur in the next year. He does, however, see lots of upside in European stocks and has significantly increased allocations to the Continent, from virtually zero in the first half of 2013 to as much as 17.5% by year end. European markets are still 35%-40% below their peak, he notes; this gives them much more potential than U.S. stocks, which are already in record territory. -MICHAEL SISK «Less

Indiana: Buck's love of finance goes back to his Boy Scout days. "I earned a merit badge in personal finance [for money management] when other guys were ...More»

Indiana: Buck's love of finance goes back to his Boy Scout days. "I earned a merit badge in personal finance [for money management] when other guys were get- ting soil- and water-conservation badges," he says. The 33-year veteran advisor likes to stoke his clients interest in finance, as well. He and his team manage most of their assets in-house and work closely with clients to customize each portfolio. And they speak with clients at least monthly about their investments. "We believe clients do better when they keep a hand on the wheel," explains Buck, 60. "They're able to withstand market downturns better, and they're more patient in letting profits run to fruition." Buck sees opportunity in what he calls "the fundamental building blocks of our economy," amid general strengthening. Transportation is high on his list-everything from rail to airline manufacturing. He also likes companies with exposure to emerging markets. -STEVE GARMHAUSEN «Less

Iowa: Timmerman, 45, was working as a lawyer for his firm, Steele Capital Management, when he introduced himself to Charles Schwab at a conference in Orlando, Fla., ...More»

Iowa: Timmerman, 45, was working as a lawyer for his firm, Steele Capital Management, when he introduced himself to Charles Schwab at a conference in Orlando, Fla., in 1995. Schwab inspired and encouraged him to pursue becoming a registered investment advisor, based on Schwab's aim to put the customer first. Timmerman tells his investors to "stay the course," by remaining balanced with their allocations, despite last year's rosy returns in stocks. He favors funds over individual stock picks for his clients-mainly working and retired professionals and small-business owners, plus a few NFL players.
For stocks, he favors funds representing small- to large-market caps, plus some global exposure, including both developed and emerging markets. "Ours is a core and explore philosophy: Make sure you are participating in the market, and let's add some investments that give us an opportunity to do even better." -CHARLES KEENAN
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Kansas: Like many college kids, Mallouk wasn't quite sure what he wanted to do when he left the University of Kansas in 1996. And he could have ...More»

Kansas: Like many college kids, Mallouk wasn't quite sure what he wanted to do when he left the University of Kansas in 1996. And he could have gone in any number of directions. After studying business economics, political science, and psychology, he picked up a law degree and an M.B.A-taking only six years to complete the lot. As a financial advisor, he says, he has found a career that taps all of his education. A firm grasp of economics has helped Mallouk lead clients through the macroeconomic events driving markets. Generational and estate planning draw heavily on Mallouk's legal knowledge. He put his M.B.A. to good use in 2004, buying the small boutique he was working at and transforming it into to a $9 billion firm serving 7,000 clients. Still, Mallouk says his psychology studies have proved to be the most relevant to his practice: "It's one thing to have a plan; it's another to measure the clients' feelings and thoughts to make sure it's a plan they can stick with." -MICHAEL VALLO «Less

Kentucky: Shortly after joining Merrill Lynch in the 1980s, Barlow, 58, had to resign to go back to help his family's financially troubled lumber mill. He spent ...More»

Kentucky: Shortly after joining Merrill Lynch in the 1980s, Barlow, 58, had to resign to go back to help his family's financially troubled lumber mill. He spent the next two years winding down the business and paying off creditors-a tough experience that he says made him a better financial advisor. Once he returned to financial advising, he found he could better understand the issues facing clients who owned their own businesses. It also improved his investing acumen. "I really learned my way around a balance sheet and income statement," he says. He eventually made a career of ferreting out undervalued stocks. "Our approach is simple to understand: We want to buy $1 for 65 cents," he says.
Long term, he's bullish on stocks. Based on his historical analysis of inflation and interest rates, he believes 2014 has much in common with 1958, a year that began a 10-year bull run with annual returns in the low double digits. -MICHAEL SISK
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Louisiana: Rodriguez is proud to invest clients' money him- self rather than sending it to outside managers. "I'm an old-time stockbroker," says Rodriguez, 65. "I take responsibility, whether something goes right or wrong." Rodriguez' investing goals aren't flashy: Beat the S&P 500 with less risk than the index. "I manage risk and return," he says. "I'm not going to find you the next Google." Rodriguez had the great foresight to move his clients into equities at the beginning of last year, allowing them to capture the 30% rally.
Although he now expects to see a temporary pullback, he feels certain clients should stay the course. "That's where an experienced broker brings great value to a client," says Rodriguez, whose roots in Louisiana stretch back to 1781. "You have to fore- warn them and hold their hand when [a market dip] happens." -STEVE GARMHAUSEN
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Maine: The son of a railroad worker, Allen learned the value of hard work as a teenager, shoveling snow and mowing lawns in Maine to raise some ...More»

Maine: The son of a railroad worker, Allen learned the value of hard work as a teenager, shoveling snow and mowing lawns in Maine to raise some cash. "If I wanted things, especially as I got into high school, I needed to earn my own money." After college, Allen worked in computer sales at NCR, but the long lag time in closing deals gnawed at him. He switched paths and took his first job in advisement, at Merrill Lynch in 1984, cold-calling prospects "all day long," he says. He had found his niche. "I could see the results from working with clients-it was much more immediate," he says. Allen, 60, is telling his UBS clients-such as teachers, doctors, lawyers, small-business owners, and retired snowbirds-to expect a pullback after a great year for stocks. He sees 2014 as a good one, yet with more volatility. He's putting new deposits into industrials, technology, and financials, as he believes they offer a fundamentally better value these days than other sectors. -CHARLES KEENAN
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Maryland: For Zier, investment guidance is just part of the equation for clients' financial success. "They come to us for investment advice," he says. "They stay with ...More»

Maryland: For Zier, investment guidance is just part of the equation for clients' financial success. "They come to us for investment advice," he says. "They stay with us because of all the other things we do." Those other things include tax and estate planning, and they can be even more valuable to clients than great investment advice, Zier says. One example: setting up a grantor-retained annuity trust. GRATs, as they are known, serve to minimize tax liabilities as wealth is transferred between generations. Zier, 43, has also dispensed great investment advice over the years. During the tech boom in 1999, he urged clients with large single-stock positions to use prepaid forwards, a hedging tool, which protected their profits and principal when the market crashed. Zier started investing at age 13, and remembers watching CNBC as his friends watched football. He remains just as passionate today. -STEVE GARMHAUSEN
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Massachusetts: Many advisors invest client money by simply following the herd-but not Atwood. "We have a specific outlook and a specific rationale for getting a bit more ...More»

Massachusetts: Many advisors invest client money by simply following the herd-but not Atwood. "We have a specific outlook and a specific rationale for getting a bit more aggressive or conservative," he says. "That's very attractive to clients." Atwood, 52, often relies on a good dose of contrarianism: When Wall Street strategists recommend low stock allocations, or when consumer confidence is weak, the time just might be right to load up on stocks, he maintains. The ability to articulate that clear approach has helped his 14- person team win $350 million of new assets over the past year, says Atwood, who entered the business by talking his way into an internship with Merrill Lynch.
These days, the signals are telling Atwood and his team that they should go full steam ahead. "Our outlook is incredibly bullish," he says. "We think we're in the fifth year of a 15-to-20-year bull market averaging 15% a year." -STEVE GARMHAUSEN
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Michigan: When Zhang moved to the U.S. for a scholar- ship to study economics at Western Michigan University, the Shanghai native didn't know what to expect from ...More»

Michigan: When Zhang moved to the U.S. for a scholar- ship to study economics at Western Michigan University, the Shanghai native didn't know what to expect from life in a small town. He chose to stay in Portage and start a business. "If you want to build a reputation, the best way is to do it in a small community," says Zhang, 46, who has an office of 15 people, including his wife, a CPA and CFP. "People are very loyal if you do a good job for them." That isn't to say the customer is always right. On the contrary, when it comes to risk tolerance, Zhang doesn't take clients' word for it. He asks lots of questions and pays close attention to who calls during market dips. To mitigate panic-selling by clients, Zhang asks that they come into the office and sign a form before they make a significant alteration in their portfolios. "That saved a lot of people in 2009," he says. "A lot of people have thanked me for that."
-SARAH MAX
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Minnesota: It takes more than one advisor to give clients the best service, says Brown: "We really believe the people who come to us deserve a team. ...More»

Minnesota: It takes more than one advisor to give clients the best service, says Brown: "We really believe the people who come to us deserve a team. And a team is what they get, with each client assigned a relationship manager, investment expert, and planning professional. The team approach goes deeper, however: Each financial plan is reviewed by a committee, and advisors' investment decisions are backed by a 10-person investment committee. Brown took over his advisory business about 18 years ago from his mom, who became an advisor after an academic career. Those education roots are evident today; Brown and company take pride in teaching clients about the market and the importance of a long-term outlook. Their educated clients tend to be loyal: Over 15 years, Brown has a 96% retention rate. Beyond the office, Brown works and travels for the Starkey Hearing Foundation, which donates more than 100,000 hearing aids annually. -STEVE GARMHAUSEN «Less

Mississippi: Dowell likes solving clients' problems, not pushing investments at them. "I find a lot of people are looking for solutions but get directed to a stock ...More»

Mississippi: Dowell likes solving clients' problems, not pushing investments at them. "I find a lot of people are looking for solutions but get directed to a stock or bond," he says. "When we sit down with our clients, it's to solve problems." Depending on a client's needs, the 38-year veteran advisor might recommend stocks, bonds, or perhaps a closed-end fund. But he's also comfortable recommending alternative investments like long-short strategies and managed futures. "More people are learning there are ways to skin a cat other than stocks and bonds," he says. Dowell, 63, says he's a conservative investor who's more interested in preserving clients' wealth and meeting their goals than crushing the market. "If someone comes in wanting to earn 15% a year with us, it's not going to get done," says Dowell, whose wife and son are part of his six-person team. Listening is key. "The ultimate thing for clients is, are you paying attention, are you listening?"-STEVE GARMHAUSEN «Less

Missouri: Jefferies is all about managing risk, and if a pro- spective client wants him to be more aggressive, the relationship is just not going to work. ...More»

Missouri: Jefferies is all about managing risk, and if a pro- spective client wants him to be more aggressive, the relationship is just not going to work. He tells them, "It's great to make money, but it's horrible to lose money; I'm going to spend more time helping you to not lose money." For Jefferies, 67, that means designing a financial plan and sticking to it. The direction of interest rates in 2014, for instance, is just noise that Jefferies needs to filter. The issue isn't whether a client should under- weight or overweight bonds based on the current climate, he says. The question is always what's the right fixed-income allocation based on his financial plan. "My feeling about the direction of interest rates shouldn't be a factor; it's about managing to their age and risk tolerance. To help them hit their goals, I have to keep them away from worrying about the everyday ups and downs of the market." This approach has served Jefferies well, and he's pleased to call many of his clients friends. -MICHAEL SISK «Less

Montana: By his own admission, Stack got his "clock cleaned" in his personal holdings during the 1973-75 recession while working as a project man- ager in IBM's ...More»

Montana: By his own admission, Stack got his "clock cleaned" in his personal holdings during the 1973-75 recession while working as a project man- ager in IBM's research-and-development unit. "I decided there had to be a better way to invest than riding blind and losing half your portfolio." So, in 1979, he left IBM to found InvesTech Research, a financial-research firm with an analytical approach to reducing risk, and added the money-management arm of the business in the mid-1990s. Since then his risk-management mission has helped clients steer clear of some of the wildest market swings over the past 20 years, even coming through the 2009 financial crisis relatively well.
Given the age of today's bull market, he is now moving into defensive sectors such as health care, consumer staples, and energy. And given today's rate environment, he's leery of bonds. Stack, 62, prefers cash. "I keep reminding clients that cash is not a four-letter word." -MICHAEL SISK
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Nebraska: Carson runs an unusually transparent business: Clients pay a single fee for all services (there are no hidden charges), receive an explanation every time the team's ...More»

Nebraska: Carson runs an unusually transparent business: Clients pay a single fee for all services (there are no hidden charges), receive an explanation every time the team's investment strategy changes, and are even invited to listen in on staff meetings via conference call. "[Investors] still think most of the industry is self-dealing," says Carson, 49. "We want to take the lead in being more transparent." Coming from a Nebraska farm family, Carson started in the industry three decades ago after reading a magazine article hailing careers in financial planning. He got a foothold helping farmers invest their money, and today he and his team of 73 manage or advise clients on $4 billion of assets. Carson is known for creative investing. To generate income, he uses a covered-call options strategy that can yield 10%-12%. In equities, Carson favors biotech as well as tech. "That's where we're seeing the most value, even to this day," he says. -STEVE GARMHAUSEN «Less

Nevada: Garcia says he'd probably be working in tax law had he not hurt his knee hiking in the Santa Cruz Mountains after his first year in ...More»

Nevada: Garcia says he'd probably be working in tax law had he not hurt his knee hiking in the Santa Cruz Mountains after his first year in law school. "I was stuck [on the trail], and a couple offered to stay with me," says Garcia, 60. When one of those companions, a stockbroker, told him about his job, Garcia was intrigued-so much so that he gave up his law-school scholarship, went home to Las Vegas, and interviewed with brokers. After working up the ranks at a national firm, Garcia set his sights on a different business model, one focused more on advice than sales commissions. With no good options in Nevada at the time, he started his own firm in 1987. These days, Garcia spends most of his time hunting for money managers for clients-he's a fan of active management and rules-based indexing. When it comes to his 15-person firm, "I don't regard myself as a great manager of people," he says, adding, "My philosophy is lead by example." -SARAH MAX «Less

New Hampshire: For Habig, the best client interactions aren't across a desk or over arugula salad. "I try to spend quality time with clients, whether it's working on ...More»

New Hampshire: For Habig, the best client interactions aren't across a desk or over arugula salad. "I try to spend quality time with clients, whether it's working on a community project or hiking in the mountains," says Habig, 61, who moved to Portsmouth in 1987 in search of a small town with easy access to the outdoors. "The real person comes out when their mind is off business and focused on, say, a fly drifting down the river," he says. Most of his high-net worth clients are interested, first and foremost, in preserving their wealth, but they still demand competitive rates of return. "We've benefited from a very strong bull market and are now being a bit more cautious," he says. His key strategy: Build a highly diversified port- folio via mutual funds, exchange-traded funds, blue- chip stock, and a laddered bond portfolio. "If you hold a laddered portfolio, you don't care when principal fluctuates," he says, "because you're holding bonds to maturity." -SARAH MAX «Less

New Jersey: Tantleff is all about fixed income and, as he's quick to point out, very boring fixed income. "I'm a plain-vanilla kind of guy. Insured stuff, triple-A ...More»

New Jersey: Tantleff is all about fixed income and, as he's quick to point out, very boring fixed income. "I'm a plain-vanilla kind of guy. Insured stuff, triple-A stuff, high-quality paper." That turns out to be perfect for his clientele: credit unions, school districts, fraternal organizations, and other middle-market accounts. For those clients-he has about 600 with $2.7 billion under management-preserving capital and guaranteeing liquidity is paramount. "As boring and basic as it sounds," he says, there's plenty of business investing in government agencies, CDs, Treasuries, and investment-grade bonds. "I try not to outguess the Fed," he says, and he takes heart in the Fed's commitment to keep interest rates low into 2015. "We're in a very fragile environment. There's no blueprint for what we're going through right now." Tantleff, 49, was a three-time All-American soccer goalie and now spends many weekends at the sidelines of his sons' games.-MICHAEL SISK «Less

New Mexico: Continuity is not just something Moore preaches to his clients, many of whom are small-business owners; it's also a big priority at his own firm, which ...More»

New Mexico: Continuity is not just something Moore preaches to his clients, many of whom are small-business owners; it's also a big priority at his own firm, which he founded in 1997. Though he has no plans to retire any time soon, Moore, 64, has taken care to make sure his nine-person office spans many generations. Last year, he brought in Brian Cochran, 31, to work alongside him. "We have complementary interests," says Moore, who was an Air Force fighter pilot and tactics officer before he moved into investment management. "Brian's passion is on the planning side, and I'm more passionate about the investment side." Moore typically combines active stock mutual funds, closed-end bond funds, and individual stocks. One twist: Moore steers clear of alcohol, tobacco, and other stocks that don't mesh with what he calls a biblically responsible investment practice. "We have clients of all different religions interested in this approach," he says. -SARAH MAX «Less

New York: In Pfeifler's view, the boldest investment calls are of- ten the safest ones. Case in point: At the beginning of 2012, he lowered his bond exposure ...More»

New York: In Pfeifler's view, the boldest investment calls are of- ten the safest ones. Case in point: At the beginning of 2012, he lowered his bond exposure dramatically and loaded up on stocks and certain other investments. Bonds' yields, he reasoned, were unsustain- able. "It was the greatest investment decision of my career," he says. U.S. stocks have since climbed 44%. Pfeifler practices a long-term form of investing that is perfect for his wealthy clientele. Because his clients may not need their money back for long periods, Pfeifler can make investments that are likely to be profitable but also volatile.
In the wake of the financial crash, for instance, Pfeifler invested in distressed mortgages at 30 cents to 40 cents on the dollar. The value of those investments could swing dramatically from day to day, but the "incredibly safe investment" resulted in high returns, he says. "People tend to [confuse] risk with volatility," says Pfeifler. "A 20% gain with volatility is better than a 15% gain in a straight line." -STEVE GARMHAUSEN
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North Carolina: Gregory Cash, 38, has a simple but effective way of providing his wealthy clientele with exactly what they need: "I think as if I were them," ...More»

North Carolina: Gregory Cash, 38, has a simple but effective way of providing his wealthy clientele with exactly what they need: "I think as if I were them," he explains. Cash is not just talking about investments. On two occasions, he has persuaded clients' adult children to place assets in trust accounts-to protect the assets while the individuals battled drug addiction. On the investing front, Cash and his 12-person team don't simply try to beat the market. They work to identify the values of their 50 or so clients, who are typically multigenerational families with between $10 million and $100 million. He generally prefers international equities to domestic stocks, which carry higher valuations at the moment. But clients' highest priority may be raising their kids as able financial stewards. The team specializes in this kind of education, and Cash's people skills help the information stick. -STEVE GARMHAUSEN «Less

North Dakota: Nelson is a contrarian-and that has been a boon to his clients right from the start. Starting his career at the height of the dot-com boom, ...More»

North Dakota: Nelson is a contrarian-and that has been a boon to his clients right from the start. Starting his career at the height of the dot-com boom, Nelson, now 39, advised clients to dump tech stocks and diversify into other assets. The advice paid off handsomely when tech stocks blew up. "Being a contrarian is very hard to do," he says, "but it's often the right thing to do." In fact, Nelson's business tends to grow by leaps and bounds during tough market cycles because he has shown an ability to protect clients against deep losses. Nelson learned his contrarianism from his father, who ran an advisor-training business. Nelson now favors muni bonds, which took a beating last year, and he likes the outlook for stocks, particularly in emerging markets and Europe. Investing isn't Nelson's only passion: He is deeply involved in a charitable organization that provides financial assistance for families adopting children. -STEVE GARMHAUSEN «Less

Ohio: Even after amassing assets of $2.8 billion over 38 years in the business, Evelo refuses to rest on his laurels. "You need to be bright, but ...More»

Ohio: Even after amassing assets of $2.8 billion over 38 years in the business, Evelo refuses to rest on his laurels. "You need to be bright, but you also have to work hard," he says.
During the financial crisis, for instance, Evelo and his 17-person team counseled clients well into the evenings and over the weekends. Evelo and his team, including four dedicated investment analysts, typically serve those with between $4 million and $25 million of assets-and such clients have high expectations. "They demand expertise, excellent pricing, results, and servicing," says Evelo, 64. "If you can jump over all those hurdles and deliver, you're in a unique position where the competition is not so great."
Evelo started urging his clients to dump gold, commodities, and hedge funds after 2011 and ramp up their equity exposure. "That was the single smartest thing we did over the past three or four years," he says. -STEVE GARMHAUSEN
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Oklahoma: Mazzei, 48, is on a mission to make Oklahoma more friendly to business and jobs. Toward that goal, he moonlights as a Republican state senator three ...More»

Oklahoma: Mazzei, 48, is on a mission to make Oklahoma more friendly to business and jobs. Toward that goal, he moonlights as a Republican state senator three days a week from February to May, as chairman of the finance committee. His political work has helped lower the state income tax and reduce state pension-fund obligations. "I've always been fascinated by money and politics," says Mazzei, who got hooked on advisory work soon after college. "I realized my business and finance goals could take shape in this industry."
Nowadays, his clients are 55%-65% in stocks and only 15%-20% in bonds. In a move to guard against inflation and rising interest rates, he invests in the Black Rock Natural Resources fund, for expo- sure to the renaissance in U.S. oil and gas. While the economy is hardly going gangbusters, he does see improvement. "Things are improving little by little, and that is a tail wind for stocks." -CHARLES KEENAN
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Oregon: Gau loves meeting with prospective clients because in going over their financial situations, he's always able to pinpoint something that needs fixing. "After 30 years, I ...More»

Oregon: Gau loves meeting with prospective clients because in going over their financial situations, he's always able to pinpoint something that needs fixing. "After 30 years, I still find that most investors have not sat down with someone who fully coordinated their tax planning with their investment and estate plans," he says. Gau, 56, was cited in Malcolm Gladwell's best-selling The Tipping Point-"Tom Gau happens to sell financial planning services," Gladwell wrote. "But he could, if he wanted to, sell absolutely anything." Yet Gau is also passionate about what happens after landing a new client. He provides well-rounded service, from investing to tax and estate-plan reviews.
Rather than managing assets personally, Gau parcels clients' money out to trusted fund managers. His goal, he says, is not necessarily to crush the market, but to earn clients a good return while protecting their assets. -STEVE GARMHAUSEN
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Pennsylvania: Investors are famously driven by fear and greed. Five years ago, Waldron and his team were almost exclusively managing clients' fear. Today, after a multiyear bull ...More»

Pennsylvania: Investors are famously driven by fear and greed. Five years ago, Waldron and his team were almost exclusively managing clients' fear. Today, after a multiyear bull market in stocks and a sterling 2013, they are also managing greed again, Waldron says.
Some clients worry that the stock market is in bubble territory, while others fret that they're missing out on gains and should increase their allocation to U.S. equities. Waldron, 54, says coaching and education is paramount so people stay focused on the fundamentals and their own long-term goals. U.S. stocks are no longer the value play they once were, he points out. The big test for 2014 is whether sufficient earnings growth materializes to justify current valuations. But Waldron, for one, is optimistic. The U.S. economic environment is the best it has been in five years, he argues, given the healed balance sheets of banks, Corporate America, and households, not to mention the recent budgetary compromise among the political parties in Washington. -MICHAEL SISK
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Rhode Island: Makin is confident that U.S. equities will out-perform fixed income in the long term as interest rates slowly move up from historical lows. Unfortunately, that doesn't ...More»

Rhode Island: Makin is confident that U.S. equities will out-perform fixed income in the long term as interest rates slowly move up from historical lows. Unfortunately, that doesn't solve his current problem. More than half of his clients-he has 1,400 household relationships-are already retired and taking income from their portfolios. They need steady income today. "You've got to be creative and careful but still provide a safety net," he says. For fixed income, he mixes bond pools with two- to three-year maturities and a few longer-dated individual corporate bonds. He also uses a manager with a hedging strategy to take advantage of slight movements in interest rates. Makin, 69, technically has a $500,000 minimum for new clients. But he often takes on clients with less. "We have a responsibility to the people in our community to be the best firm we can be, but not get to the point where we say to someone who needs our help, ‘You're not big enough.' " -MICHAEL SISK «Less

South Carolina: Financial advisors, on the whole, have been slow to integrate social media as a tool for connecting with clients. Not Holland, whose Abacus Planning has fully ...More»

South Carolina: Financial advisors, on the whole, have been slow to integrate social media as a tool for connecting with clients. Not Holland, whose Abacus Planning has fully embraced Facebook as a way to communicate with clients. Abacus' Facebook page goes beyond providing basic info, with photos of the firm's employees, their community-service activities, and even their wedding photos. Holland says clients clearly like the Facebook page. In electronic newsletters that Holland sends to clients, links to posts on the firm's Facebook page are more likely to be opened than anything else. "When people select you as an advisor," Holland says, "they don't want you as a friend, but they'd like to know that you're someone they would enjoy having as a friend." It can help pave the way to a productive investing relationship. Two of Holland's current themes: rebalancing-including U.S. versus overseas holdings-and watching taxes. -MICHAEL VALLO «Less

South Dakota: Wollman's calling card is going beyond investing to handle all the nitty-gritty of comprehensive financial advice. "Anybody can pick an investment," he says. "Not everybody wants ...More»

South Dakota: Wollman's calling card is going beyond investing to handle all the nitty-gritty of comprehensive financial advice. "Anybody can pick an investment," he says. "Not everybody wants to go through the work of doing financial planning." Wollman and his eight-person team handle every- thing from investments to estate and tax planning to retirement analysis. They'll go to extraordinary lengths to untangle clients' finances: A member of the team once spent a month helping an older couple sort out 60 years of records. "Clients are paying us to worry about those things so they can spend time doing what they love," says Wollman, 49. These days, Wollman is reassuring jittery clients that the stock market isn't overvalued. Wollman, an avid hunter and first-degree black belt in tae kwon do, is humble enough to know that he can't control the direction of the market. "But we control the things we can," he says, "and that's our level of service." -STEVE GARMHAUSEN «Less

Tennessee: Early in his career, in the mid-1980s, Pagliara built up his business by finding ways to truly connect with clients. He went so far as to ...More»

Tennessee: Early in his career, in the mid-1980s, Pagliara built up his business by finding ways to truly connect with clients. He went so far as to change the light bulbs when he visited one client, a widowed woman with poor eyesight. He now teaches those invaluable skills to his younger staff. "You can be the most brilliant analyst, but if you can't create a partnership where they will trust you and understand what you are doing, you will not be successful." With stocks, he takes a contrarian view, not always an easy pitch with investors. "We always try to look at places people have ignored. When it gets too popular, then we need to sell." He likes solid companies with dividends, such as Microsoft, Merck, and Dow Chemical. If clients need less income, he steers them to growth stocks like Gilead Sciences and Level 3 Communications. Pagliara, 56, shuns bonds for now. "Common sense says you wouldn't walk into burning building," he says. -CHARLES KEENAN «Less

Texas: Fisher has risen to the top in equity-compensation- plan administration, a business that was largely unknown when he entered the field two decades ago. "We were ...More»

Texas: Fisher has risen to the top in equity-compensation- plan administration, a business that was largely unknown when he entered the field two decades ago. "We were a little bit smart, a lot lucky, and we put in about 10 years of really, really hard work," says Fisher, 47, who has seen equity-compensation plans soar in popularity over the years.
Such plans allow companies to compensate employees through, for instance, stock options, stock purchase plans, and restricted stock. In all, they serve nearly 300,000 plan participants, most at large public companies. Fisher and his 12-person team have made great efforts in their work-once tracking down an executive on a bear-hunting trip to alert him on options expirations. Not surprisingly, many clients have hired Fisher and company to invest their personal money: The team now manages nearly $6 billion of assets. -STEVE GARMHAUSEN
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Utah: It's always important to weigh an investment's tax implications, and in today's tax environment, Runia says the need to do so is acute. This year, he ...More»

Utah: It's always important to weigh an investment's tax implications, and in today's tax environment, Runia says the need to do so is acute. This year, he has seen many of his clients move up from the 35% tax bracket to the 39.6% tax bracket. On top of that, most are obligated to pay the new, 3.8% Obamacare surcharge. For these clients, Uncle Sam's tax bite is now 8.4% higher than a year ago-a fact that weighs heavily on their minds. Runia, 56, is steering them into equities that pay dividends, master limited partnerships, and municipal bonds. And after 2013's big run-up in equities, he's working hard to diversify his clients-many of whom have large stock positions in firms that recently went public. "Even if you're an incredible entrepreneur, take enough money off the table," he advises. In all, he's optimistic about the markets in 2014, though he expects more volatility. "Usually there are five corrections of 5% or more in a calendar year, and last year we had just one." -MICHAEL SISK «Less

Vermont: Early in his career, Stotz realized the importance of having a good team around him. "When I first got into the business, I said ‘Holy cow, ...More»

Vermont: Early in his career, Stotz realized the importance of having a good team around him. "When I first got into the business, I said ‘Holy cow, there is a lot to know,' and I immediately started to collaborate and surround myself with smart people." An avid skier, Stotz likens his group to a ski team. An Olympic ski team is a carefully constructed mix of technical slalom skiers, speedy downhillers, and cross-country endurance specialists-designed to maximize their medal haul. Stotz has looked to form a similarly diverse team to meet the full range of clients' needs. He has a former head of development from the University of Vermont, a veteran of the state's pension committee, a pair of 401(k) specialists, and a team member who works exclusively with emerging-science and technology firms. "We've had a lot of referrals from clients to help us build the team," Stotz says. "Our clients are invested with us personally as well as physically."
-MICHAEL VALLO
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Virginia: When Cassaday was 21 and about to leave his house for an interview at a brokerage firm, he received a phone call canceling the appointment. They ...More»

Virginia: When Cassaday was 21 and about to leave his house for an interview at a brokerage firm, he received a phone call canceling the appointment. They said he was too young. He went anyway, slipped past a receptionist, then a secretary, and into the office of a manager who, then and there, hired him. Cassaday, now 58, eventually started his own firm and now has about 1,000 relationships and $1.3 billion in assets under management. His approach to investing is straightforward: Always be fully invested and don't try to time the market. "More money is lost trying to avoid bear markets than in bear markets," he says. He is following two broad investment themes. One is the aging of the baby-boomer generation, particularly how biotech will approach the ailments of age. Another is the emerging middle class in developing nations, which could affect everything from cosmetics to meat consumption to sanitation services. -MICHAEL SISK «Less

Washington: If you're looking for outside-the-box investment solutions, Morgan just might be your man. When it comes to investing, "We do all sorts of different things," he ...More»

Washington: If you're looking for outside-the-box investment solutions, Morgan just might be your man. When it comes to investing, "We do all sorts of different things," he says. To fill the income vacuum, for example, Morgan and his 54-person team are launching a fund focused on middle-market business lending. "There's a gap right now with banks not wanting to play in the lower midmarket space," he says. The play figures to produce yields of between 8% and 12%, with floating loan rates providing inflation protection. But Morgan's group only manages about a fifth of their clients' $3 billion; the rest is farmed out to top third-party managers. "We know we're not the only smart people on the face of the planet," says Morgan, 44, "and we want to make sure our clients have exposure to different bright minds." Morgan has lowered clients' bond allocations to a mere 15%, concerned that a "train wreck" may lie ahead. -STEVE GARMHAUSEN «Less

West Virginia: Lucci has had exactly two jobs since college. After a stint working as a CPA at an accounting firm, he joined what was then brokerage Shearson/American ...More»

West Virginia: Lucci has had exactly two jobs since college. After a stint working as a CPA at an accounting firm, he joined what was then brokerage Shearson/American Express. Thirty years and a handful of letterheads later, "many of my clients today are the ones I used to cold call," says Lucci, 56, who works primarily with high-net-worth individuals and small institutions. The days of cold calling are long gone. Lucci and his 11-person team view their roles as investment consultants who help their clients make big-picture portfolio decisions and identify the best managers in a given niche. "I think U.S. stocks have gotten ahead of themselves a little bit," says Lucci, noting that he's holding some more cash and has increased his international allocation. His personal passions, meanwhile, are closer to home in Charleston, where Lucci and his wife run a charity for underprivileged kids. "This business," he says, "has afforded me the ability to go out and help others." -SARAH MAX «Less

Wisconsin: Burish's investing approach is grounded in finan- cial planning: Once he understands a client's goals, he'll invest with the minimum risk to earn what's needed. "A lot of people take more risk than they need to take," says Burish, 55. That goes for too many financial advisors, as well, he adds. "They're still recommending investments that are not necessarily tied to the needs of clients long term," he says. Burish has long been big on overseas investing. U.S. stocks account for just 30% of his equity investments, and he's especially bullish on Japan under its reformist prime minister. "I think Shinzo Abe is the Ronald Reagan of Japan," says Burish. "I'd be afraid to not be in Japan." A one-time boxer known for his drive and energy, Burish is determined to continually lift the stature of his practice. "I have this vision that we can be the best of the best," he says, "and we can do it out of Madison." -STEVE GARMHAUSEN «Less

Wyoming: While getting his college degree in teaching, Dewald worked summers at a meatpacking plant, where, among other things, he prepared a conveyor that took hogs over ...More»

Wyoming: While getting his college degree in teaching, Dewald worked summers at a meatpacking plant, where, among other things, he prepared a conveyor that took hogs over a fire to remove their bristles. "On a good day it was only about 115 degrees in that environment," he jokes. The experience reinforced his belief in the value of education-a theme he has stuck with all along. "I'm still a teacher-it's just my class sizes are a lot smaller now," he says. Dewald's clients include professionals and small businesses, such as ranchers, feed-store owners, doctors, attorneys, and plumbers. They worry about last year's run-up in stocks. "They tend to only envision the short-term scenario," he says. "My job every day is to talk to them about more-realistic expectations and look out to the horizon."
Dewald, 59, favors large-cap stocks with increasing dividends and global exposure. -CHARLES KEENAN
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